HomeMy WebLinkAboutCC RES 06-144RESOLUTION NO. 06-144
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM DESERT
MAKING A FINDING OF SIGNIFICANT PUBLIC BENEFIT IN CONNECTION
WITH THE ISSUANCE AND SALE BY THE PALM DESERT FINANCING
AUTHORITY OF ITS TAX ALLOCATION REFUNDING REVENUE BONDS
(PROJECT AREA NO. 1, AS AMENDED), 2007 SERIES A
RECITALS:
WHEREAS, the Palm Desert Financing Authority (the "Authority") has proposed
to sell and issue its Tax Allocation Refunding Revenue Bonds (Project Area No. 1, As
Amended), 2007 Series A (the "Bonds"); and
WHEREAS, the proceeds of the Bonds will be applied to make a loan (the
"Loan") to the Palm Desert Redevelopment Agency (the "Agency") pursuant to a loan
agreement between the Authority and the Agency; and
WHEREAS, a portion of the proceeds of the Loan, together with other available
funds, will be used to effect the refunding of the Authority's Tax Allocation Refunding Revenue
Bonds (Project Area No. 1, As Amended), Series 1997, scheduled to mature on April 1, 2008
and thereafter through April 1, 2018; and
WHEREAS, a portion of the proceeds of the Loan also will be used to provide
additional financing for certain public capital improvements of benefit to Project Area No. 1, As
Amended, of the Agency, including: (i) the construction of on and off ramps at Portola Avenue
and Interstate 10; (ii) the widening of various portions of Monterey Avenue, Portola Avenue,
Country Club Drive, and various other street improvements throughout the Project Area; (iii)
improvements to the frontage roads along Highway 111; (iv) a sound attenuation wall along
portions of Fred Waring Drive; (v) landscape, lighting, median and parkway improvements along
El Paseo; (vi) landscape improvements throughout the Project Area; (vii) a Portola Avenue
Bridge over the Whitewater Channel; (viii) drainage improvements along a portion of Monterey
Avenue; (ix) the development of a visitors center (including the Henderson Building, botanical
gardens and related public improvements) at El Paseo and Highway 111; (x) neighborhood and
arterial street utility undergroundings throughout the Project Area; (xi) a parking structure to
accommodate a hotel and related development at the Desert Willow Golf Resort; (xii) a
business facade enhancement grant program; and (xiii) the construction of a swimming pool
and related athletic facilities at the College of the Desert; and
WHEREAS, pursuant to Section 6586.5 of the California Government Code, after
notice duly published in accordance with law, this City Council held a public hearing on this date
with respect to the issuance of the proposed Bonds and received evidence concerning the
public benefits therefrom; and
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PALM DESERT
DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
Section 1. Recitals. The above recitals, and each of them, are true and correct.
P6402-1058\921994v3.doc
RESOLUTION NO. 06-144
Section 2. Approval of Financing. The City Council hereby finds that the
financing and refinancing of public capital improvements described above through the issuance
by the Authority of the Bonds will result in significant public benefits to the constituents of the
Agency and the City of Palm Desert, including demonstrable savings in effective interest rate
and more efficient delivery of Agency and City services to residential and commercial
development. The City Council hereby approves the issuance of the Bonds by the Authority.
Section 3. Other Acts. The officers of the City are hereby authorized and
directed, jointly and severally, to do any and all things and to execute and deliver any and all
documents which they may deem necessary or advisable in order to effectuate the purposes of
this Resolution and any such actions previously taken by such officers are hereby ratified and
confirmed.
Section 4. Effective Date. This Resolution shall take effect immediately upon
adoption.
APPROVED and ADOPTED this 16th day of November 2006 by the following
vote, to wit:
AYES:
NOES:
ABSENT:
ABSTAIN:
BENSON, KELLY, SPIEGEL, and FERGUSON
NONE
NONE
NONE
JIM-FWSON, MAYOR
ATTEST:
RACHELLE D. KLASSEN, CITY CLERK
CITY OF PALM DESERT, CALIFORNIA
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